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RESOLUTION NO. 675 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THA T CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND GREAT CIRCLE FAMILY FOODS, LLC. WHEREAS, the Redevelopment Agency of the City of Riverside, California ("Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the University Corridor/Sycamore Canyon Redevelopment Project Area ("Redevelopment Project Area"); and WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project Area, the Agency proposes to facilitate the development of a 4,000 sq. ft. Krispy Kreme Doughnut store and associated improvements on property located at 1616 University A venue (the "Project"), pursuant to the terms and provisions of a certain Disposition and Development Agreement ("Agreement"); and WHEREAS, the Agreement proposes that the Agency will sell real property located in the Redevelopment Project Area and which property is described in said Agreement by entering into the Agreement with the Developer; and WHEREAS, the proposed Agreement contains all the proVIsIOns, terms. conditions and obligations required by State and local law; and WHEREAS, Developer possesses the qualifications and financial resources necessary to develop the Project as described in the Agreement, in accordance with the purposes and objectives of the Redevelopment Plan; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a summary setting forth the cost of the Agreement to the Agency and including the sale of real property to the Developer and has made said summary available for public inspection in accordance with the California Community Redevelopment Law, Health and Safety Code; and WHEREAS, the Planning Department of the City of Riverside on behalf of the Agency has caused the preparation of an initial study and Mitigated Negative Declaration for the Project (Zoning Case CU-052-990) and provided notice of such preparation and availability thereof for public review and comment in full compliance with the provisions of the California Environmental Quality Act (Public Resources Code Section 21000, et seq,) ["CEQA"]; and WHEREAS, on June 6, 2000, the City Council reviewed and adopted a Mitigated Negative Declaration for the Project (Zoning Case CU-052-990); and WHEREAS, pursuant to provisions of California Community Redevelopment Law, Health & Safety Code, the Agency and the City Council have noticed and held a duly noticed joint public hearing on the proposed Project and on the proposed Agreement; and -1-